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Why is Ethereum (ETH) price down today?
Ether price has declined 3.94% over the past 24 hours, its steepest correction since Nov. 14. After retesting its psychological level at $4,000 on Dec. 6, the altcoin is forming another higher low in the charts. Data from CoinGlass highlighted that Ether’s bearish drawdown was coupled with significant liquidations. Over the past 18 hours, over $44 million in leveraged positions have been liquidated, with $42 million in long positions swept out. In light of the liquidations, one of the major reasons for the current drawdown is a marketwide funding rate reset for altcoins. Last week, Bitcoin’s flash crash to ... (full story)